ExxonMobil Supplemental Savings Plan
EX-10.(III)(C1) 2 xomexhibit10iiic1033121.htm EXXONMOBIL SUPPLEMENTAL SAVINGS PLAN Document
EXXONMOBIL SUPPLEMENTAL SAVINGS PLAN
The purpose of this Plan is to provide a payment of approximately equivalent value from the general assets of Exxon Mobil Corporation (“Corporation”) to a person participating in the ExxonMobil Savings Plan (“Savings Plan”) who, because of the application of United States Internal Revenue Code (“Code”) sections 415 and 401(a)(17) is precluded from receiving employer contributions to the person's Savings Plan account to which the person would otherwise be entitled.
A person is eligible to receive benefits under this Plan only if the person satisfies any of the following requirements:
(A) The person becomes a retiree pursuant to section 4.1(A) (relating to age, service and LTD-eligibility requirements) or section 4.1(D) (relating to retiree grow-ins in connection with certain divestments) of the ExxonMobil Common Provisions; or
(B) The person becomes a qualified plans retiree within the meaning of the ExxonMobil Pension Plan.
2.2 Benefit Formula
(A) In General
For any participant eligible to receive benefits under this Plan, the value of such benefit is an amount that is determined by notionally crediting on a monthly basis the amount of employer contributions that cannot be made to the Savings Plan for that person as a result of application to that person of Code sections 415 and 401(a)(17). This amount is enhanced in each instance by 120 percent of the long-term Applicable Federal Rate, compounded monthly, as of the last month of each calendar quarter as published by the Internal Revenue Service.
(B) Notional Interest Rate for Key Employees after Retirement
As to a participant who, immediately prior to his or her retirement, has a Classification Level of 35 or above (“Key Employee”), "120 percent of the long-term Applicable Federal Rate, compounded monthly, as of the last month of each calendar quarter as published by the Internal Revenue Service" in paragraph (A) above shall be replaced with "Citibank Prime Lending Rate as of the last business day of each calendar quarter" for the period between date of termination or retirement and date of payment. Notwithstanding the preceding sentence, a person with a Classification Level of 35 whose retirement is approved prior to February 1, 2021, and occurs prior to May 1, 2021 shall not be considered a Key Employee.
2.3 Calculation Methodology
The exact methodology used in determining such monthly credits and interest thereon will be established from time to time by the Plan Administrator. General guidelines to be followed are:
(A) Required Participant Contributions
To the extent determined by those administering this Plan, a person is required to make regular employee contributions to the person's Savings Plan account up to the maximum permitted by the Code to receive credits under this Plan.
(B) Discretionary Employee Contributions
Prior to July 1, 2002, a person may not enhance the amounts credited under this Plan by making discretionary employee contributions to the person's Savings Plan account.
3. Payment of Benefits
Payment of the benefit determined under article 2 above shall be made in a lump sum as soon as practicable following the latest of the following times:
(A) the participant’s retirement from ExxonMobil;
(B) In the case of a Key Employee, the six-month anniversary of the participant's termination of employment or retirement;
(C) In the case of a participant whose Savings Plan account is transferred to a savings plan sponsored by Infineum USA Inc. or any of its affiliates ("Infineum"), the participant’s termination of employment from Infineum; or
(D) In the case of a participant whose Savings Plan account is transferred to a savings plan sponsored by Tenneco, Inc. or any of its affiliates ("Tenneco"), the participant’s termination of employment from Tenneco.
4. Payment Upon Death
4.1 In General
If a person dies as an employee with eligibility for a pension death benefit under the ExxonMobil Pension Plan or as a retiree but before his benefit under this Plan is distributed to him, then such benefit shall be distributed as soon as practicable after death to the person’s beneficiary determined under section 4.2 below.
4.2 Designation of Beneficiaries
(A) In General
A person entitled to receive a payment under this Plan may name one or more designated beneficiaries to receive such payment in the event of the person's death. Beneficiary designations shall be made in accordance with such procedures as the Plan Administrator may establish. Spousal consent to any designation is not required.
(B) Default Beneficiaries
(1) In General
If no specific designation is in effect, the deceased’s beneficiary is the person or persons in the first of the following classes of successive beneficiaries living at the time of death of the deceased:
(b) children who survive the participant or who die before the participant leaving children of their own who survive the participant;
(d) brothers and sisters who survive the participant or who die before the participant leaving children of their own who survive the participant.
If there are no members of any class of such beneficiaries, payment is made to the deceased’s executors or administrators.
(2) Allocation among Default Beneficiaries
If the same class of beneficiaries under paragraph (1) above contains two or more persons, they share equally, with further subdivision of such equal shares as next provided. In class (b), where a child dies before the participant leaving children who survive the participant, such child's share is subdivided equally among those children. In class (d), where a brother or sister dies before the participant leaving children who survive the participant, such brother or sister's share is subdivided equally among those children.
For purposes of this Section 4.2, "child" means a person's son or daughter by legitimate blood relationship or legal adoption; "parent" means a person's father or mother by legitimate blood relationship or legal adoption; "brother" or "sister" means another child of either or both of one's parents.
5.1 Administration of Plan
The Plan Administrator shall be the Manager, Compensation, Benefit Plans and Policies, Human Resources Department, Exxon Mobil Corporation. The Plan Administrator shall have the right and authority to conclusively interpret this Plan for all purposes, including the determination of any person’s eligibility for benefits hereunder and the resolution of any and all appeals relating to claims by participants or beneficiaries, with any such interpretation being conclusive for all participants and beneficiaries.
5.2 Nature of Payments
Payments provided under this Plan are considered general obligations of the Corporation.
5.3 Assignment or Alienation
Except as provided in section 5.5 below, payments provided under this Plan may not be assigned or otherwise alienated or pledged.
5.4 Amendment or Termination
The Corporation reserves the right to amend or terminate this plan, in whole or in part, including the right at any time to reduce or eliminate any accrued benefits hereunder and to alter or amend the benefit formula set out herein.
5.5 Forfeiture of Benefits
No person shall be entitled to receive payments under this Plan and any payments received under this Plan shall be forfeited and returned if it is determined by the Corporation in its sole discretion, acting through its chief executive or such person or committee as the chief executive may designate, that a person otherwise entitled to a payment under this Plan or who has commenced receiving payments under this Plan:
(A) engaged in gross misconduct harmful to the Corporation,
(B) committed a criminal violation harmful to the Corporation,
(C) had concealed actions described in paragraph (A) or (B) above which would have brought about termination from employment thereby making the person ineligible for benefits under this Plan,
(D) separated from service prior to attaining age 65 without having received from the Corporation or its delegatee prior written approval for such termination, given in the sole discretion of the Corporation or its delegatee and in the context of recognition that benefits under this Plan would not be forfeited upon such termination, or
(E) had been terminated for cause.